Updated over 5 years ago on . Most recent reply
2nd Mortgage Financing Options - HELP
Hello Everyone,
I am a young investor in New Brunswick, Canada. currently i am house-hacking a duplex in which I have just purchased a few months ago for $200,000 with a 5% downpayment. There is no large renovations needed to this property which would drastically increase its appraisal value.
If fully rented this property will bring in $550-600 monthly in cash flow. I would like to purchase a second investment property, in which I plan to move into and house hack for a bit, renting out my first duplex.
I was wondering what financing options you think are the best? I plan to purchase a property needing renovations in order to use the BRRRR method which can help me purchase a 3rd and 4th property in the future.
Most Popular Reply
@Myles Snair The best thing to do is to sit down with a mortgage agent to map out a plan for getting to your 4th property. As you just purchased your 1st with 5% d/p, you may have a hard time convincing another lender you are moving into another prop as your primary. Ideally you want to keep your expenses/debt low so your ratios look good on paper. You also want to access the HELOC on your mortgages where possible. Good luck.